# Robustness: Lagged Demographics → Savings Components

| Model | Dep Var | N | Countries | R² |
|---|---|---|---|---|
| lag5 Z → savings | gross_national_savings_gdp | 4,319 | 158 | 0.172 |
| lag5 Z → govt_saving | govt_saving_gdp | 5,174 | 174 | 0.042 |
| lag5 Z → private_saving | private_saving_gdp | 4,028 | 157 | 0.107 |

## Key Coefficients

| Model | Variable | Coef | SE | p-value | Sig |
|---|---|---|---|---|---|
| lag5 Z → savings | Z_1_lag5 | 60.1476 | 15.7952 | 0.0001 | *** |
| lag5 Z → savings | Z_2_lag5 | -7.0981 | 2.4048 | 0.0032 | *** |
| lag5 Z → savings | Z_3_lag5 | 0.2338 | 0.0989 | 0.0181 | ** |
| lag5 Z → govt_saving | Z_1_lag5 | 2.8992 | 7.4425 | 0.6969 |  |
| lag5 Z → govt_saving | Z_2_lag5 | -0.1675 | 1.1321 | 0.8824 |  |
| lag5 Z → govt_saving | Z_3_lag5 | -0.0017 | 0.0465 | 0.9703 |  |
| lag5 Z → private_saving | Z_1_lag5 | 55.2460 | 15.4997 | 0.0004 | *** |
| lag5 Z → private_saving | Z_2_lag5 | -6.5703 | 2.3493 | 0.0052 | *** |
| lag5 Z → private_saving | Z_3_lag5 | 0.2190 | 0.0963 | 0.0229 | ** |

*5-year lagged demographics*